CHICAGO, Oct. 2, 2023
/PRNewswire/ -- Today, Kellanova, formerly known as Kellogg
Company, (NYSE: K), announced the completion of the previously
announced separation of its North American cereal business, WK
Kellogg Co, resulting in two independent, public companies, each
better positioned to unlock its full standalone potential.
The separation was achieved through the distribution of all of
the shares of WK Kellogg Co to holders of Kellanova common stock at
12:01 a.m. EDT on October 2, 2023, with Kellanova shareowners
receiving one share of WK Kellogg Co common stock for every four
shares of Kellanova common stock held as of the close of business
on the record date of September 21,
2023.
WK Kellogg Co will begin regular way trading on the iconic New
York Stock Exchange ("NYSE") today under the ticker symbol "KLG,"
and Kellanova will continue to trade on the NYSE under the ticker
symbol "K."
Kellanova will file its material separation agreements with WK
Kellogg Co with the U.S. Securities and Exchange Commission
("SEC"). Please visit http://investor.kellanova.com for
supplemental business and other information regarding the
separation. A dedicated website providing ongoing information about
the separation is available at
https://www.unleashingourpotential.com.
Entering a New Era
"With the completion of the separation, Kellanova has entered a
new era with a new name and a new ambition," said Steve Cahillane, Kellanova's Chairman and CEO.
"We are starting from a position of strength that is rooted in a
century-old legacy as we embark on a journey to achieve our vision
of becoming the world's best performing snacks-led powerhouse."
With projected 2024 net sales of approximately $13.4-13.6 billion, Kellanova is a global
snacks-led powerhouse with a portfolio of iconic, world-class
brands, including Pringles, Cheez-It,
Pop-Tarts, Kellogg's Rice Krispies Treats,
MorningStar Farms, Incogmeato, Gardenburger,
Nutri-Grain, RXBAR, and Eggo. Kellanova also
stewards a suite of beloved international cereal brands, including
Kellogg's, Frosties, Zucaritas, Special
K, Krave, Miel Pops, Coco Pops, and
Crunchy Nut, among others. While the Company's corporate
name has changed to Kellanova, the Kellogg's brand will
remain on its products around the world.
As a standalone company, Kellanova will benefit from greater
operational focus and fit-for-purpose strategy and resource
allocation, investing behind its differentiated brands in an effort
to deliver consistently strong net sales and earnings growth over
time. This growth is expected to be complemented by improved
profitability to be achieved through operating leverage, a mix
shift toward its most differentiated brands, building scale in
emerging markets, and ongoing productivity and revenue growth
management.
Kellanova will maintain dual campuses in Battle Creek, Michigan, and Chicago, Illinois, with its corporate
headquarters located in Chicago.
Kellanova's three international regions in Europe, Latin
America, and Asia Pacific,
Middle East, and Africa ("AMEA") will remain at their current
headquarters.
Celebrating First Day of Trading
To celebrate the Company's first day of trading as Kellanova,
Chairman and CEO Steve Cahillane
will join members of the Kellanova executive leadership team at the
NYSE to ring the Opening Bell this morning. A live feed of the NYSE
Opening Bell ceremony will be available at
https://www.youtube.com/watch?v=eJBGjwQ2XUY.
Additional Details About the Distribution
Kellanova shareowners entitled to receive the distribution
received a book-entry account statement or a credit to their
brokerage account reflecting their ownership of WK Kellogg Co
common stock. Fractional shares of WK Kellogg Co common stock were
not distributed. Any fractional share of WK Kellogg Co common stock
otherwise issuable to a Kellanova shareowner will be sold in the
open market on the shareowner's behalf, and that shareowner will
receive a cash payment for the fractional share based on the
shareowner's pro rata portion of the net cash proceeds from all
sales of fractional shares.
About Kellanova
Kellanova (NYSE: K) is a leader in global snacking,
international cereal and noodles, and North America frozen foods, with a legacy
stretching back more than 100 years. Powered by differentiated
brands
including Pringles®, Cheez-It®, Pop-Tarts®, Kellogg's
Rice Krispies
Treats®, RXBAR®, Eggo®,
MorningStar Farms®, Special
K®, Coco Pops®, and
more, Kellanova's vision is to become the world's best-performing
snacks-led powerhouse, unleashing the full potential of our
differentiated brands and our passionate people. Kellanova is
projected to generate net sales of approximately $13.4-13.6 billion in 2024.
Kellanova is guided by our purpose to create better days and a
place at the table for everyone through our trusted food brands. We
are advancing sustainable and equitable access to food by
addressing the intersection of hunger, sustainability, wellbeing,
and equity, diversity & inclusion, with the ambition of
creating Better Days for 4 billion people by the end of 2030 (from
a 2015 baseline). Visit www.Kellanova.com for more
information.
Forward-Looking Statements
This press release contains a number of forward-looking
statements, which are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include predictions of future results or activities and
may contain the words "expect," "believe," "will," "can,"
"anticipate," "estimate," "project," "should," or words or phrases
of similar meaning, including but not limited to the separation of
WK Kellogg Co, future operating and financial performance, product
development, market position and business strategy. You are
cautioned not to rely on these forward-looking statements.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, and are subject to risks,
uncertainties, and assumptions. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
indicated or anticipated by such forward-looking statements. The
inclusion of such statements should not be regarded as a
representation that such plans, estimates or expectations will be
achieved. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include, among others, (1) the ability of Kellanova to succeed as a
standalone publicly traded company, (2) the possibility that the
separation will not achieve its intended benefits, (3) the
possibility of disruption, including changes to existing business
relationships, disputes, litigation or unanticipated costs in
connection with the separation, (4) uncertainty of the expected
financial performance of Kellanova following completion of the
separation, (5) negative effects on the market price of the
securities of Kellanova and/or on the financial performance of
Kellanova, as a result of the separation, (6) evolving legal,
regulatory and tax regimes, (7) changes in general economic and/or
industry specific conditions, (8) actions by third parties,
including government agencies and (9) other risk factors as
detailed from time to time in Kellanova's reports filed with the
SEC, including its Annual Report on Form 10-K for the year ended
December 31, 2022, Quarterly Reports
on Form 10-Q, Current Reports on Forms 8-K and other documents
filed with the SEC. Copies of these filings are available online at
www.sec.gov, www.investor.kellanova.com or on request from
Kellanova. The foregoing list of important factors is not
exhaustive. Any forward-looking statement made in this press
release speaks only as of the date of this press release. Kellanova
does not undertake to update any forward-looking statement as a
result of new information or future events or developments.
[K-FIN]
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